NO.PZ2024021801000038
问题如下：
Which of the following companies would most likely be valued with the lowest discount rate?选项：
A.A mature company with strong ESG practices B.A high-growth technology company operating in emerging markets C.A coal producer that is judged to have a negative environmental impact解释：
A. Correct because companies with strong ESG practices could be seen as less risky, allowing for a lower discount rate. A higher (lower) discount rate leads to, all else equal, a lower (higher) estimate of intrinsic value.
B. Incorrect because a higher-growth technology company operating in emerging markets would likely be valued with a higher discount rate and higher terminal growth rate. A higher (lower) discount rate leads to, all else equal, a lower (higher) estimate of intrinsic value.
C. Incorrect because all coal producers and coal-powered utilities might be judged to have higher climate-related risk and thus higher discount rates. A higher (lower) discount rate leads to, all else equal, a lower (higher) estimate of intrinsic value.
a higher-growth technology company operating in emerging markets would likely be valued with a higher discount rate and higher terminal growth rate.这句话怎么理解？从理论上解释下
